FXstreet.com (Barcelona) - The AUD/USD downside has opened up following the ongoing concerns over the Eurozone, says Westpac Senior Strategist Imre Speizer. According to the analyst at Westpac, the lack of funding in Spanish regional governments (Valencia asked for aid) was the main driver sparkling the Aussie retreat. Besides, "minor rating agency Egan Jones cut to Spain's sovereign rating from CCC+ to CC+, and the ECB declaring Greek debt as ineligible for collateral in it operations," also contributed to close long positions, Mr. Speizer says. He finally adds that "AUD//USD last week's mini-rally may have ended so a cautious stance is warranted today." The downside failure to clearly break 1.0325, however, may suggest more upside room may be then validated for its next target at 1.0445.